PPI Reclaiming Discussion part 4

Alyson123

Hi. I have already sent them a letter saying to calculate the average monthly ppi pyment by the number of months i have had the cad (like Barclaycard have done for me) but they say they are still only going to offer the last 6 yeras as a good will gesture and that this is their final resonse. Has anyone else had the same response and shall I still refer it to the FOS ?

di3004

Alyson123 wrote: »

Hi. I have already sent them a letter saying to calculate the average monthly ppi pyment by the number of months i have had the cad (like Barclaycard have done for me) but they say they are still only going to offer the last 6 yeras as a good will gesture and that this is their final resonse. Has anyone else had the same response and shall I still refer it to the FOS ?

Hi Alyson
I expect there have been in the same situation where they will only go so far.
You could though before you decide what to do just as a general query, give the FOS a call and ask them what they think your chances would be to request for the bank to go back the full 9 years.
They should be able to make you decide your best options here.;)

cocker100

cocker100 wrote: »

Hi all,

I'm after some more advice regarding compound interest.

Quick update on case:

Submitted claim for mis-selling of PPI on former Morgan Stanley credit card (now defunct) in February to Barclaycard. To my surprise, they responded with an offer of settlement in early April for approx £1,500. However, this only included the past 6 years worth of statements.

Wrote back asking for refund back to start of account and have now received a revised offer of approx £3,000. they rekon that this sum includes both compound interest and additional statutory 8% interest.

The problem is that their compound interest calculations differ greatly to mine. I used one of the many compound interest calculators online to compile my set of figures, but they say that it is wrong and have provided me with what they believe are the correct figures. They state that their calculations are in line with how the FOS expect them to calculate them.

Here is an example:

PPI payment 21st April 2004 of £17.71 @ APR of 20.9% =
Compound interest of £4.62

However I work it out as compound interest of £43.41!!!! (A few weeks out now as figure calculated earlier in month))

As you can see, a massive difference and all their figures are tiny in comparison to mine. What I want to know is have I calculated correctly or are they trying to fleece me?

I dont want to short change myself by accepting their offer and missing out on the true value of the claim as it would be more than double their current offer if i'm right and refer to FOS. But if I am wrong, I would have to wait for FOS to adjudicate for nothing, when I could have settled now.

Any advice would be great!!!

Cheers, Cocker:)

Bumping this up guys!!!

Any advice greatly appreciated!!!

Cocker:)

gil8967

di3004 wrote: »

Hi and hope your well.

Well done :T:T

Right what normally happens now is that the adjudicator will write to the bank and give their verdict of the decision, they then I believe give them about 2 weeks to get back, so basically if this is agreed it will then be a matter of the adjudicator sending out the acceptance form for you to sign, that's if you agree with the findings of the adjudicators decision, you send this back to the adjudicator.

It may then be a matter of a few weeks they send your copy of the signed acceptance to the bank, and the adjudicator gives them a certain amount of time to pay.

The adjudicator then sends you a letter to confirm all the particulars, signed acceptance have been sent to the bank, and if you hear nothing for instance by 4 weeks from the date of the letter then chase this up with the bank, if you get no joy, then you would contact the adjudicator again and they normally chase this up for you.

On another note, if the bank does not agree with the decision, then your case is then moved on with your agreement to the actual ombudsman himself, if it goes this far then you should also be awarded a distress payment for the inconvenience on top of what your entitled to.

What the ombudsman says goes.;)

Hope this helps.

Good luck.

Hi Di,
Thanks for your info once again. If it goes to the ombudsman am I likely to be waiting a while for him to review the complaint?

gil8967

bugsy161 wrote: »

The adjudicator will give them a timescale, probably 4 weeks, in which to respond. If they do not respond then it will be passed on to one of the Ombudsman. In my case LTSB did not bother to reply so it is now in the Ombudsman queue.

Hi there,

Thanks for your input. May I ask how long you have been waiting for the ombudsman?

di3004

gil8967 wrote: »

Hi Di,
Thanks for your info once again. If it goes to the ombudsman am I likely to be waiting a while for him to review the complaint?

Hi and your welcome.;)

Well, it may take a while but saying that things do seemed to have sped up with them.
There is also a new ombudsman which some changes so where the banks used to have something like a month to get back to them with further information etc, the FOS have brought it down to 14 days, I was reading this on their website.

And I also believe there have yet been more adjudicators taken on.

Although not definate timescales, if straight forward once its with an adjudicator, it may only take about 6 weeks, please don't quote this on me though just in case.

So its entirely up to you what you want to do here now.

Maybe you will receive some posts from others as well with their opinions on this.
Good luck.;)

gil8967

Hi Di,

It may well be that they have taken on more adjudicators as I had just applied to the Fos in December. I wasn't really expecting to hear from an adjudicator for a long while yet! But hey I am so glad it has been this quick. Just hope that the bank responds to the adjudicator. I also got a call from another adjudicator concerning my other case so hopefully I will hear about that one soon as well:D. I will keep you posted.

Thanks again, you have been so helpful:)

di3004

gil8967 wrote: »

Hi Di,

It may well be that they have taken on more adjudicators as I had just applied to the Fos in December. I wasn't really expecting to hear from an adjudicator for a long while yet! But hey I am so glad it has been this quick. Just hope that the bank responds to the adjudicator. I also got a call from another adjudicator concerning my other case so hopefully I will hear about that one soon as well:D. I will keep you posted.

Thanks again, you have been so helpful:)

Its my pleasure.:A

All going good so far then, brilliant, well fingers crossed then you won't be waiting too long now then with a good outcome.

Will look out for your posts, good luck.;):)X

amersall

cocker100 wrote: »

Hi all,

I'm after some more advice regarding compound interest.

Quick update on case:

Submitted claim for mis-selling of PPI on former Morgan Stanley credit card (now defunct) in February to Barclaycard. To my surprise, they responded with an offer of settlement in early April for approx £1,500. However, this only included the past 6 years worth of statements.

Wrote back asking for refund back to start of account and have now received a revised offer of approx £3,000. they rekon that this sum includes both compound interest and additional statutory 8% interest.

The problem is that their compound interest calculations differ greatly to mine. I used one of the many compound interest calculators online to compile my set of figures, but they say that it is wrong and have provided me with what they believe are the correct figures. They state that their calculations are in line with how the FOS expect them to calculate them.

Here is an example:

PPI payment 21st April 2004 of £17.71 @ APR of 20.9% =
Compound interest of £4.62

However I work it out as compound interest of £43.41!!!! (A few weeks out now as figure calculated earlier in month))

As you can see, a massive difference and all their figures are tiny in comparison to mine. What I want to know is have I calculated correctly or are they trying to fleece me?

I dont want to short change myself by accepting their offer and missing out on the true value of the claim as it would be more than double their current offer if i'm right and refer to FOS. But if I am wrong, I would have to wait for FOS to adjudicate for nothing, when I could have settled now.

Any advice would be great!!!

Cheers, Cocker:)

sorry cocker, have not got a clue about compound interest,i am sure someone will read this who does and can help you

amersall

http://www.bbc.co.uk/schools/gcsebitesize/maths/number/percentageshirev2.shtml
dont know if this will help. but it is in simple terms, if i am right this is over a term and not monthly? could be really out here, but as i say i dont know about compound interest